Toronto-based online cleaning services management platform iRestify has raised $1 million in a financing round. U.S. early-stage venture capital firm Birchmere Ventures led the deal. It was joined by Canadian investor groups Good News Ventures and Maple Leaf Angels, as well as others. Founded two years ago by Co-CEOs Erifili Morfidis and Charlotte Gummesson, iRestify provides business organizations with an online, streamlined solution for booking and managing trusted and insured cleaning services. The company is currently focused on business clients in Toronto, Ottawa and Montréal.
3 min read · 01 October 2018
Fonds de solidarité FTQ has decided to stop backing Québec oil and gas companies as part of an energy transition strategy intended to reduce the carbon footprint of its investments. The strategy will include setting a reduction target for its private equity investments in 2019. Additionally, the Fonds plans to assist Québec businesses with their transition and invest in alternative sources of energy. The Montréal-based investor, which oversees $14.3 billion in net assets, decided last year to stop investing in coal use for energy production.
3 min read · 01 October 2018
Searchlight Pharma Inc has agreed to acquire the Canadian assets of Merus Labs International Inc, an affiliate of European pharmaceutical company Norgine BV. Terms weren't disclosed. As a result, Searchlight, a Montréal-based specialty pharmaceutical company, will own and assume the distribution and promotion of Merus prescription drugs Enablex and Vancocin in Canada. Norgine will retain all assets outside of Canada. Last year, Searchlight raised financing from Emerillon Capital and Fonds de solidarité FTQ to back its growth and therapeutic area expansion.
4 min read · 01 October 2018
Thentia, a Toronto-based provider of regulatory and compliance software, has raised venture debt funding from Espresso Capital, a Canadian provider of technology debt financing. No financial terms were disclosed. Founded in 2014, Thentia's database technology helps regulatory bodies, licensing boards and private businesses to streamline their operations in regulation, compliance and governance. Led by CEO Julian Cardarelli, the company will use the funds raised to expand its suite of software solutions and build on its existing presence in Canadian, U.S. and U.K. markets.
2 min read · 01 October 2018
Calgary-based energy company Encana Corp has agreed to sell its San Juan assets in New Mexico to DJR Energy LLC, a Denver, Colorado-based oil and gas explorer and producer. In a separate release, Encana said the purchase price is US$480 million ($621 million). The deal, expected to close in Q4 2018, includes about 182,000 net acres, which produced about 5,400 barrels of oil equivalent per day last year. DJR said acquiring the assets will help it become a "dominant player" in the San Juan Basin. DJR launched in 2017 with the backing of U.S. private equity firms Trilantic Capital Management, Waveland Energy Partners and Global Energy Capital.
3 min read · 01 October 2018
FirePower Capital has entered into a $100 million joint venture that will expand its debt-financing horizon, according to a news release. The Toronto firm said Friday it formed a JV with Arena Investors, a New York investor and merchant-capital provider. The partnership will enable FirePower to increase credit available to Canadian mid-market companies to a range of $1 million to $20 million. FirePower, which offers first-lien, unitranche, second-lien, mezzanine and venture loans through its Gap Debt fund, is especially active in Canadian technology sectors.
2 min read · 01 October 2018
John Ruffolo, CEO of OMERS Ventures, is leaving the firm, Ontario Municipal Employees Retirement System said. Ruffolo, who is also leaving his role as executive managing director of OMERS Platform Investments, the pension system's innovation arm, will remain in an advisory capacity until December 31. Ruffolo founded Toronto-based OMERS Ventures in 2011. The statement said Ruffolo will be succeeded as head of OMERS Ventures by Managing Partner Damien Steel, who has been with the group since 2011.
1 min read · 28 September 2018
2 min read · 28 September 2018
Canadian private equity firm Onex Corp has taken SIG Combibloc Group AG public on the SIX Swiss Exchange. SIG, a Swiss provider of aseptic carton packaging solutions for the food and beverage industry, priced its shares at 11.25 Swiss francs per unit. Reuters reported the company is expected to raise 1.49 billion francs (US$1.53 billion) before the initial public offering (IPO)'s greenshoe option. Onex, which acquired SIG in 2015, is selling shares as part of the IPO. Its proceeds will be about US$300 million, excluding the greenshoe. Onex will continue to hold a 57 percent interest.
3 min read · 28 September 2018
Kontrol Energy Corp has closed its acquisition of CEM Specialties Inc, a London, Ontario-based developer of turn-key emission monitoring equipment and solutions. The purchase price was $3.35 million with a vendor take-back provision. Kontrol, a Vaughan, Ontario-based provider of energy efficiency solutions for buildings and cities, said the acquisition is a strategic fit for its existing emission business. The deal was backed with a $2 million secured loan provided by an affiliate of Pinnacle Funds and the private capital group of FirePower Capital.
4 min read · 28 September 2018
